Local retailers are expecting more than $6 billion to be spent in the Black Friday sales later this week.Credit:Istock
Card spending data from the Commonwealth Bank showed a decrease in spending over the first two weeks of November,particularly for clothing,footwear and general retail,and research from the bank shows more than half of their customers plan on spending less at Christmas.
Commonwealth Bank’s general manager for shopping Rochelle Eldridge said high inflation was putting pressure on households,and savings were at the top of people’s minds.
“We are seeing people prioritise essential items,with 7 in 10 shoppers planning to buy essential everyday items or larger items that they need at the sales this weekend,” she said.
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Rachel Pool,head of strategy at advertising firm Ogilvy,said brands have been fighting for consumer attention in the lead-up to the Black Friday sales.
“It’s a bumper season for advertising at the moment,” she said.
“It’s becoming more competitive,I think it’s going earlier. And that’s probably only exacerbated by the economic conditions that we’re operating under.”